Brookfield Corporation (NYSE: BN, TSX: BN) announced strong
financial results for the quarter ended September 30, 2023.
Nick Goodman, President of Brookfield
Corporation, stated, “We delivered strong financial results in the
third quarter, bolstered by the growing cash flows and robust
earnings of our underlying businesses. We are well positioned for
the balance of the year and heading into 2024, supported by strong
momentum in fundraising, anticipated acquisitions in our insurance
solutions business, the resilience of our market-leading operating
businesses and our differentiated capital base. As always, our
focus remains on creating long-term wealth for all
stakeholders.”
Operating Results
Distributable earnings (“DE”) before
realizations increased by 11% per share over the last twelve months
(“LTM”), after adjusting for the special distribution of 25% of our
asset management business in December last year.
UnauditedFor the periods ended September 30(US$ millions, except
per share amounts) |
Three Months Ended |
|
Last Twelve Months Ended |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net income1 |
$ |
35 |
|
$ |
716 |
|
$ |
2,015 |
|
$ |
8,612 |
Distributable earnings before
realizations2,3 |
|
1,056 |
|
|
1,216 |
|
|
4,156 |
|
|
4,224 |
– Adjusted for the special distribution2,3,4 |
|
1,056 |
|
|
1,085 |
|
|
4,049 |
|
|
3,707 |
– Per Brookfield share2,3,4 |
|
0.67 |
|
|
0.67 |
|
|
2.54 |
|
|
2.28 |
Distributable earnings2,3 |
|
1,150 |
|
|
1,363 |
|
|
4,992 |
|
|
5,032 |
– Per Brookfield share2,3 |
|
0.73 |
|
|
0.85 |
|
|
3.13 |
|
|
3.10 |
See endnotes on page 8.
Net income in the third quarter was
$35 million. DE before realizations were $1.1 billion for
the quarter and $4.2 billion over the LTM. Our resilient and
growing cash flows were supported by strong underlying operating
earnings. The comparative period net income included higher
one-time valuation gains.
Within our asset management business,
fee-related earnings increased by 13%, when excluding performance
fees, compared to the prior year, due to successful fundraising
efforts and capital deployment.
Our insurance solutions business continues to
deliver earnings growth driven by strong investment performance on
our growing insurance asset base.
Our operating businesses generated stable and
predictable streams of cash flows, supported by the underlying
earnings across our renewable power & transition,
infrastructure, and private equity businesses and growth in
same-store net operating income (“NOI”) in our real estate
business.
During the quarter and over the last twelve
months, earnings from realizations were $94 million and
$836 million, respectively, with total DE for the quarter and
the last twelve months of $1.2 billion and $5.0 billion,
respectively.
Regular Dividend
Declaration
The Board declared a quarterly dividend for the
Corporation of $0.07 per share, payable on December 29, 2023 to
shareholders of record as at the close of business on November 30,
2023. The Board also declared the regular monthly and quarterly
dividends on its preferred shares.
Operating Highlights
DE before realizations were $1.1 billion for the
quarter and $4.2 billion for the LTM, representing an increase of
11% per share over the prior year, after adjusting for the special
distribution of 25% of our asset management business. Total DE for
the quarter was $1.2 billion and $5.0 billion for the LTM.
Asset Management:
- Distributable
earnings were $634 million in the quarter and
$2.6 billion over the LTM.
- Fee-related
earnings increased by 13%, when excluding performance fees,
compared to the prior year.
- Fundraising
continues to be strong with inflows of $61 billion year to
date and $71 billion for the LTM. Fee-bearing capital was
$440 billion as of September 30, 2023, an increase of
$33 billion or 8% over the LTM.
- We closed our
largest ever private equity fund in the quarter and the world’s
largest private infrastructure debt fund after quarter end. We
remain on track towards achieving our $150 billion capital
raising target.
Insurance Solutions:
- Distributable
operating earnings were $182 million in the quarter and
$657 million over the LTM, an increase of 14% compared to the
prior year quarter.
- During the
quarter, our insurance assets grew to approximately
$50 billion and our average investment portfolio yield was
5.5%, about 200 bps higher than the average cost of capital.
- We continue to
track towards reaching $800 million of annualized earnings by
the end of 2023. With the expected closing of Argo Group and
American Equity Life, our insurance solutions business will grow to
over $100 billion of assets and $1.2 billion of
annualized earnings with a credible path to a stabilized earnings
run-rate of approximately $2 billion annually over time.
Operating Businesses:
- Distributable
earnings were $366 million for the quarter and
$1.5 billion over the LTM.
- Operating Funds
from Operations within our renewable power & transition and
infrastructure businesses increased by 14% over the LTM, generating
stable and growing cash distributions. Our private equity business
continues to contribute resilient and high-quality cash flows.
- Strong
performance within our core real estate portfolio drove same-store
NOI growth of 9% compared to the prior year, capturing higher
revenues and tenant demand. Leasing activity remains strong with
0.8 million square feet completed in the quarter across all
our office assets, and foot traffic increased by 7% versus the
comparative period at our core retail portfolio.
Earnings from realizations of mature assets were
$94 million for the quarter and $836 million for the
LTM.
- Executed on
approximately $25 billion of asset sales year to date,
bringing the total monetizations completed over the LTM to over
$35 billion—substantially all transacting at values higher
than our IFRS carrying values, providing strong evidence for the
carrying values of our high-quality investments.
- Year to date, we
have recognized $470 million of net realized carried interest
into income and continue to see a path to realize well over
$500 million of net realized carried interest into income this
year.
- Total
accumulated unrealized carried interest now stands at
$9.9 billion, representing an increase of 12% over the LTM,
net of carried interest realized into income.
We ended the quarter with nearly
$120 billion of capital available to deploy into new
investments.
- Since the end of
the last quarter, we returned over $400 million to shareholders
through regular dividends and share repurchases. Over the LTM, we
have repurchased approximately $750 million of Class A shares
in the open market.
- We have
significant amounts of deployable capital of nearly $120 billion,
which includes $35 billion of cash, financial assets and undrawn
credit lines at the Corporation and our affiliates.
- Our balance
sheet remains conservatively capitalized, with a weighted-average
term of 12 years and modest maturities through to the end of
2024.
- We maintain
strong access to the capital markets enabling us to refinance
existing operations and fund growth. In just the past few months,
our businesses have been able to access the capital markets and
execute a number of financings, increasing the duration, and in
many cases tightening the spreads of the debt.
- Within our real
estate business, we have successfully refinanced our 2023
maturities across 131 individual loans with no material impact to
liquidity, and we expect to be able to refinance our upcoming
maturities with similar success.
CONSOLIDATED BALANCE SHEETS
Unaudited (US$ millions) |
|
September 30 |
|
December 31 |
|
|
2023 |
|
|
2022 |
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
12,087 |
|
$ |
14,396 |
Other financial assets |
|
|
26,334 |
|
|
26,899 |
Accounts receivable and
other |
|
|
34,613 |
|
|
30,208 |
Inventory |
|
|
12,185 |
|
|
12,843 |
Equity accounted
investments |
|
|
54,431 |
|
|
47,094 |
Investment properties |
|
|
121,520 |
|
|
115,100 |
Property, plant and
equipment |
|
|
136,428 |
|
|
124,268 |
Intangible assets |
|
|
40,802 |
|
|
38,411 |
Goodwill |
|
|
33,698 |
|
|
28,662 |
Deferred income tax assets |
|
|
3,717 |
|
|
3,403 |
Total Assets |
|
$ |
475,815 |
|
$ |
441,284 |
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
Corporate borrowings |
|
$ |
13,007 |
|
$ |
11,390 |
Accounts payable and
other |
|
|
57,116 |
|
|
57,941 |
Non-recourse borrowings |
|
|
213,559 |
|
|
202,684 |
Subsidiary equity
obligations |
|
|
4,220 |
|
|
4,188 |
Deferred income tax
liabilities |
|
|
24,656 |
|
|
23,190 |
|
|
|
|
|
Equity |
|
|
|
|
Non-controlling interests in net assets |
$ |
118,786 |
|
$ |
98,138 |
|
Preferred equity |
|
4,103 |
|
|
4,145 |
|
Common equity |
|
40,368 |
|
163,257 |
|
39,608 |
|
141,891 |
Total Equity |
|
|
163,257 |
|
|
141,891 |
Total Liabilities and Equity |
|
$ |
475,815 |
|
$ |
441,284 |
CONSOLIDATED STATEMENTS OF
OPERATIONS
UnauditedFor the periods ended September 30(US$ millions, except
per share amounts) |
Three Months Ended |
|
Nine Months Ended |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
$ |
24,441 |
|
|
$ |
23,418 |
|
|
$ |
71,406 |
|
|
$ |
68,556 |
|
Direct costs1 |
|
(18,842 |
) |
|
|
(17,771 |
) |
|
|
(54,166 |
) |
|
|
(52,610 |
) |
Other income and gains |
|
381 |
|
|
|
111 |
|
|
|
2,245 |
|
|
|
605 |
|
Equity accounted income |
|
809 |
|
|
|
933 |
|
|
|
1,639 |
|
|
|
2,340 |
|
Interest expense |
|
|
|
|
|
|
|
– Corporate borrowings |
|
(164 |
) |
|
|
(128 |
) |
|
|
(454 |
) |
|
|
(369 |
) |
– Non-recourse borrowings |
|
|
|
|
|
|
|
Same-store |
|
(3,581 |
) |
|
|
(2,746 |
) |
|
|
(9,558 |
) |
|
|
(7,048 |
) |
Acquisitions, net of dispositions2 |
|
(268 |
) |
|
|
— |
|
|
|
(1,132 |
) |
|
|
— |
|
Upfinancings2 |
|
(68 |
) |
|
|
— |
|
|
|
(314 |
) |
|
|
— |
|
Corporate costs |
|
(16 |
) |
|
|
(30 |
) |
|
|
(53 |
) |
|
|
(89 |
) |
Fair value changes |
|
(170 |
) |
|
|
(549 |
) |
|
|
(70 |
) |
|
|
834 |
|
Depreciation and
amortization |
|
(2,246 |
) |
|
|
(1,997 |
) |
|
|
(6,648 |
) |
|
|
(5,694 |
) |
Income
tax |
|
(241 |
) |
|
|
(525 |
) |
|
|
(924 |
) |
|
|
(1,374 |
) |
Net income |
$ |
35 |
|
|
$ |
716 |
|
|
$ |
1,971 |
|
|
$ |
5,151 |
|
|
|
|
|
|
|
|
|
Net income attributable
to: |
|
|
|
|
|
|
|
Brookfield shareholders |
$ |
230 |
|
|
$ |
423 |
|
|
$ |
431 |
|
|
$ |
2,372 |
|
Non-controlling interests |
|
(195 |
) |
|
|
293 |
|
|
|
1,540 |
|
|
|
2,779 |
|
|
$ |
35 |
|
|
$ |
716 |
|
|
$ |
1,971 |
|
|
$ |
5,151 |
|
|
|
|
|
|
|
|
|
Net income per share |
|
|
|
|
|
|
|
Diluted |
$ |
0.12 |
|
|
$ |
0.24 |
|
|
$ |
0.20 |
|
|
$ |
1.40 |
|
Basic |
|
0.12 |
|
|
|
0.25 |
|
|
|
0.20 |
|
|
|
1.44 |
|
1. Direct costs disclosed above exclude depreciation
and amortization expense.2. Interest expense from
acquisitions, net of dispositions, and upfinancings completed over
the twelve months ended September 30, 2023.
SUMMARIZED FINANCIAL
RESULTS
DISTRIBUTABLE EARNINGS
UnauditedFor the periods ended September 30(US$ millions) |
Three Months Ended |
|
Last Twelve Months Ended |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Asset management |
$ |
634 |
|
|
$ |
748 |
|
|
$ |
2,607 |
|
|
$ |
3,008 |
|
|
|
|
|
|
|
|
|
Insurance solutions |
|
182 |
|
|
|
159 |
|
|
|
657 |
|
|
|
239 |
|
|
|
|
|
|
|
|
|
BEP |
|
105 |
|
|
|
100 |
|
|
|
415 |
|
|
|
395 |
|
BIP |
|
80 |
|
|
|
75 |
|
|
|
315 |
|
|
|
296 |
|
BBU |
|
9 |
|
|
|
9 |
|
|
|
36 |
|
|
|
30 |
|
BPG |
|
179 |
|
|
|
191 |
|
|
|
766 |
|
|
|
882 |
|
Other |
|
(7 |
) |
|
|
(5 |
) |
|
|
(24 |
) |
|
|
(83 |
) |
Operating businesses |
|
366 |
|
|
|
370 |
|
|
|
1,508 |
|
|
|
1,520 |
|
|
|
|
|
|
|
|
|
Corporate costs and other |
|
(126 |
) |
|
|
(61 |
) |
|
|
(616 |
) |
|
|
(543 |
) |
Distributable earnings before realizations1 |
|
1,056 |
|
|
|
1,216 |
|
|
|
4,156 |
|
|
|
4,224 |
|
Realized carried interest,
net |
|
94 |
|
|
|
99 |
|
|
|
750 |
|
|
|
416 |
|
Disposition gains from principal investments |
|
— |
|
|
|
48 |
|
|
|
86 |
|
|
|
392 |
|
Distributable earnings1 |
$ |
1,150 |
|
|
$ |
1,363 |
|
|
$ |
4,992 |
|
|
$ |
5,032 |
|
1. Non-IFRS measure – see Non-IFRS
and Performance Measures section on page 8.
RECONCILIATION OF NET INCOME TO
DISTRIBUTABLE EARNINGS
UnauditedFor the periods ended September 30(US$ millions) |
Three Months Ended |
|
Last Twelve Months Ended |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income |
$ |
35 |
|
|
$ |
716 |
|
|
$ |
2,015 |
|
|
$ |
8,612 |
|
Financial statement components
not included in DE: |
|
|
|
|
|
|
|
Equity accounted fair value changes and other items |
|
298 |
|
|
|
141 |
|
|
|
2,743 |
|
|
|
1,334 |
|
Fair value changes and other |
|
503 |
|
|
|
549 |
|
|
|
2,214 |
|
|
|
(2,814 |
) |
Depreciation and amortization |
|
2,246 |
|
|
|
1,997 |
|
|
|
8,637 |
|
|
|
7,433 |
|
Deferred income taxes |
|
(238 |
) |
|
|
240 |
|
|
|
(766 |
) |
|
|
768 |
|
Non-controlling interests in
the above items1 |
|
(1,906 |
) |
|
|
(2,347 |
) |
|
|
(10,133 |
) |
|
|
(10,226 |
) |
Realized disposition gains in
fair value changes or prior periods |
|
203 |
|
|
|
170 |
|
|
|
815 |
|
|
|
1,084 |
|
Less: total disposition
gains |
|
(297 |
) |
|
|
(151 |
) |
|
|
(1,342 |
) |
|
|
(1,055 |
) |
Less: realized carried
interest, net |
|
(94 |
) |
|
|
(99 |
) |
|
|
(750 |
) |
|
|
(416 |
) |
Working
capital, net |
|
306 |
|
|
|
— |
|
|
|
723 |
|
|
|
(496 |
) |
Distributable earnings before
realizations2 |
|
1,056 |
|
|
|
1,216 |
|
|
|
4,156 |
|
|
|
4,224 |
|
Realized carried interest,
net3 |
|
94 |
|
|
|
99 |
|
|
|
750 |
|
|
|
416 |
|
Disposition gains from principal investments |
|
— |
|
|
|
48 |
|
|
|
86 |
|
|
|
392 |
|
Distributable earnings2 |
$ |
1,150 |
|
|
$ |
1,363 |
|
|
$ |
4,992 |
|
|
$ |
5,032 |
|
1. Amounts attributable to non-controlling interests
are calculated based on the economic ownership interests held by
non-controlling interests in consolidated subsidiaries. By
adjusting DE attributable to non-controlling interests, we are able
to remove the portion of DE earned at non-wholly owned subsidiaries
that is not attributable to Brookfield.2. Non-IFRS
measure – see Non-IFRS and Performance Measures section on page
8.3. Includes our share of Oaktree’s distributable
earnings attributable to realized carried interest.
EARNINGS PER SHARE
UnauditedFor the periods ended September 30(US$ millions) |
Three Months Ended |
|
Nine Months Ended |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income |
$ |
35 |
|
|
$ |
716 |
|
|
$ |
1,971 |
|
|
$ |
5,151 |
|
Non-controlling interests |
|
195 |
|
|
|
(293 |
) |
|
|
(1,540 |
) |
|
|
(2,779 |
) |
Net income attributable to shareholders |
|
230 |
|
|
|
423 |
|
|
|
431 |
|
|
|
2,372 |
|
Preferred share
dividends1 |
|
(41 |
) |
|
|
(37 |
) |
|
|
(123 |
) |
|
|
(111 |
) |
Dilutive effect of conversion of subsidiary preferred shares |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income available to common shareholders |
|
189 |
|
|
|
386 |
|
|
|
308 |
|
|
|
2,261 |
|
Dilutive impact of exchangeable shares of affiliate |
|
1 |
|
|
|
1 |
|
|
|
2 |
|
|
|
4 |
|
Net income available to common shareholders including dilutive
impact of exchangeable shares |
$ |
190 |
|
|
$ |
387 |
|
|
$ |
310 |
|
|
$ |
2,265 |
|
|
|
|
|
|
|
|
|
Weighted average shares |
|
1,561.2 |
|
|
|
1,562.5 |
|
|
|
1,565.8 |
|
|
|
1,565.0 |
|
Dilutive effect of conversion of options and escrowed shares using
treasury stock method2 and exchangeable shares of affiliate |
|
24.5 |
|
|
|
48.9 |
|
|
|
23.9 |
|
|
|
53.5 |
|
Shares and share equivalents |
|
1,585.7 |
|
|
|
1,611.4 |
|
|
|
1,589.7 |
|
|
|
1,618.5 |
|
|
|
|
|
|
|
|
|
Diluted
earnings per share3 |
$ |
0.12 |
|
|
$ |
0.24 |
|
|
$ |
0.20 |
|
|
$ |
1.40 |
|
1. Excludes dividends paid on perpetual subordinated
notes of $3 million (2022 – $3 million) and $8 million
(2022 – $8 million) for the three and nine months ended September
30, 2023, which are recognized within net income.2.
Includes management share option plan and escrowed stock
plan.3. Per share amounts are inclusive of dilutive
effect of mandatorily redeemable preferred shares held in a
consolidated subsidiary.
Additional Information
The Letter to Shareholders and the company’s
Supplemental Information for the three and twelve months ended
September 30, 2023, contain further information on the company’s
strategy, operations and financial results. Shareholders are
encouraged to read these documents, which are available on the
company’s website.
The statements contained herein are based
primarily on information that has been extracted from our financial
statements for the quarter and nine months ended September 30,
2023, which have been prepared using IFRS, as issued by the IASB.
The amounts have not been audited by Brookfield Corporation’s
external auditor.
Brookfield Corporation’s Board of Directors have
reviewed and approved this document, including the summarized
unaudited consolidated financial statements prior to its
release.
Information on our dividends can be found on our
website under Stock & Distributions/Distribution History.
Quarterly Earnings Call
Details
Investors, analysts and other interested parties
can access Brookfield Corporation’s 2023 Third Quarter Results as
well as the Shareholders’ Letter and Supplemental Information on
Brookfield Corporation’s website under the Reports & Filings
section at bn.brookfield.com.
To participate in the Conference Call today at
10:00 a.m. EST, please pre-register at
https://register.vevent.com/register/BIc98538657e48446eb1275978dc776389.
Upon registering, you will be emailed a dial-in number, and unique
PIN. The Conference Call will also be webcast live at
https://edge.media-server.com/mmc/go/bnq3-2023. For those unable to
participate in the Conference Call, the telephone replay will be
archived and available until November 9, 2024. To access this
rebroadcast, please visit:
https://edge.media-server.com/mmc/go/bnq3-2023.
About Brookfield
Corporation
Brookfield Corporation (NYSE: BN, TSX: BN) is
focused on compounding capital over the long term to earn
attractive total returns for our shareholders. Today, our capital
is deployed across three businesses – Asset Management, Insurance
Solutions and our Operating Businesses, generating substantial and
growing free cash flows, all of which is underpinned by a
conservatively capitalized balance sheet.
Please note that Brookfield Corporation’s
previous audited annual and unaudited quarterly reports have been
filed on EDGAR and SEDAR and can also be found in the investor
section of its website at www.brookfield.com. Hard copies of the
annual and quarterly reports can be obtained free of charge upon
request.
For more information, please visit our website at
www.bn.brookfield.com or contact:
Communications & Media:Kerrie McHugh HayesTel:
(212) 618-3469Email: kerrie.mchugh@brookfield.com |
|
Investor Relations: Linda Northwood Tel: (416)
359-8647Email: linda.northwood@brookfield.com |
Non-IFRS and Performance
Measures
This news release and accompanying financial
information are based on International Financial Reporting
Standards (“IFRS”), as issued by the International Accounting
Standards Board (“IASB”), unless otherwise noted.
We make reference to Distributable Earnings
(“DE”). We define DE as the sum of distributable earnings from our
asset management business, distributable operating earnings from
our insurance solutions business, distributions received from our
ownership of investments, realized carried interest and disposition
gains from principal investments, net of earnings from our
Corporate Activities, preferred share dividends and equity-based
compensation costs. We also make reference to DE before
realizations, which refers to DE before realized carried interest
and realized disposition gains from principal investments. We
believe these measures provide insight into earnings received by
the company that are available for distribution to common
shareholders or to be reinvested into the business.
Realized carried interest and realized
disposition gains are further described below:
- Realized Carried
Interest represents our contractual share of investment gains
generated within a private fund after considering our clients’
minimum return requirements. Realized carried interest is
determined on third-party capital that is no longer subject to
future investment performance.
- Realized
Disposition Gains from principal investments are included in DE
because we consider the purchase and sale of assets from our
directly held investments to be a normal part of the company’s
business. Realized disposition gains include gains and losses
recorded in net income and equity in the current period, and are
adjusted to include fair value changes and revaluation surplus
balances recorded in prior periods which were not included in prior
period DE.
We make reference to Funds from Operations
(“FFO”). We define FFO as net income attributable to shareholders
prior to fair value changes, depreciation and amortization, and
deferred income taxes, and it includes realized disposition gains
that are not recorded in net income as determined under IFRS. FFO
also includes the company’s share of equity accounted investments’
FFO on a fully diluted basis.
FFO consists of the following components:
- Operating FFO
represents the company’s share of revenues less direct costs and
interest expenses; excludes realized carried interest and
disposition gains, fair value changes, depreciation and
amortization and deferred income taxes; and includes our
proportionate share of FFO from operating activities recorded by
equity accounted investments on a fully diluted basis. We present
this measure as we believe it assists in describing our results and
variances within FFO.
- Realized Carried
Interest as defined above.
- Realized
Disposition Gains are included in FFO because we consider the
purchase and sale of assets to be a normal part of the company’s
business. Realized disposition gains include gains and losses
recorded in net income and equity in the current period, and are
adjusted to include fair value changes and revaluation surplus
balances recorded in prior periods which were not included in prior
period FFO.
We use DE and FFO to assess our operating
results and the value of Brookfield Corporation’s business and
believe that many shareholders and analysts also find these
measures of value to them.
We also make reference to Net Operating Income
(“NOI”), which refers to the revenues from our operations less
direct expenses before the impact of depreciation and amortization
within our real estate business. We present this measure as we
believe it is a key indicator of our ability to impact the
operating performance of our properties. As NOI excludes
non-recurring items and depreciation and amortization of real
estate assets, it provides a performance measure that, when
compared to prior periods, reflects the impact of operations from
trends in occupancy rates and rental rates.
We disclose a number of financial measures in
this news release that are calculated and presented using
methodologies other than in accordance with IFRS. These financial
measures, which include DE and FFO, should not be considered as the
sole measure of our performance and should not be considered in
isolation from, or as a substitute for, similar financial measures
calculated in accordance with IFRS. We caution readers that these
non-IFRS financial measures or other financial metrics are not
standardized under IFRS and may differ from the financial measures
or other financial metrics disclosed by other businesses and, as a
result, may not be comparable to similar measures presented by
other issuers and entities.
We provide additional information on key terms
and non-IFRS measures in our filings available at
www.bn.brookfield.com.
1. Consolidated basis – includes
amounts attributable to non-controlling
interests. 2. Excludes amounts
attributable to non-controlling interests.3. See
Reconciliation of Net Income to Distributable Earnings Before
Realizations and Distributable Earnings on page 5 and Non-IFRS and
Performance Measures section on page 8.4. Distributable
earnings before realizations, including per share amounts, for the
three months ended September 30, 2023 and the twelve months ended
September 30, 2023 and 2022 were adjusted for the special
distribution of 25% of our asset management business on December 9,
2022.
Notice to Readers
Brookfield Corporation is not making any offer
or invitation of any kind by communication of this news release and
under no circumstance is it to be construed as a prospectus or an
advertisement.
This news release contains “forward-looking
information” within the meaning of Canadian provincial securities
laws and “forward-looking statements” within the meaning of the
U.S. Securities Act of 1933, the U.S. Securities Exchange Act of
1934, “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations (collectively, “forward-looking
statements”). Forward-looking statements include statements that
are predictive in nature, depend upon or refer to future results,
events or conditions, and include, but are not limited to,
statements which reflect management’s current estimates, beliefs
and assumptions regarding the operations, business, financial
condition, expected financial results, performance, prospects,
opportunities, priorities, targets, goals, ongoing objectives,
strategies, capital management and outlook of Brookfield
Corporation and its subsidiaries, as well as the outlook for North
American and international economies for the current fiscal year
and subsequent periods, and which are in turn based on our
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors
management believes are appropriate in the circumstances. The
estimates, beliefs and assumptions of Brookfield Corporation are
inherently subject to significant business, economic, competitive
and other uncertainties and contingencies regarding future events
and as such, are subject to change. Forward-looking statements are
typically identified by words such as “expect”, “anticipate”,
“believe”, “foresee”, “could”, “estimate”, “goal”, “intend”,
“plan”, “seek”, “strive”, “will”, “may” and “should” and similar
expressions. In particular, the forward-looking statements
contained in this news release include statements referring the
impact of current market or economic conditions on our operating
businesses, the future state of the economy or the securities
market and expected future deployment of capital and dispositions
as well as statements regarding future earnings.
Although Brookfield Corporation believes that
such forward-looking statements are based upon reasonable
estimates, beliefs and assumptions, actual results may differ
materially from the forward-looking statements. Factors that could
cause actual results to differ materially from those contemplated
or implied by forward-looking statements include, but are not
limited to: (i) returns that are lower than target; (ii) the
impact or unanticipated impact of general economic, political and
market factors in the countries in which we do business including
as a result of COVID-19 and related global economic
disruptions; (iii) the behavior of financial markets,
including fluctuations in interest and foreign exchange rates;
(iv) global equity and capital markets and the availability of
equity and debt financing and refinancing within these
markets; (v) strategic actions including acquisitions and
dispositions; the ability to complete and effectively integrate
acquisitions into existing operations and the ability to attain
expected benefits; (vi) changes in accounting policies and
methods used to report financial condition (including uncertainties
associated with critical accounting assumptions and estimates);
(vii) the ability to appropriately manage human capital;
(viii) the effect of applying future accounting changes;
(ix) business competition; (x) operational and
reputational risks; (xi) technological change;
(xii) changes in government regulation and legislation within
the countries in which we operate; (xiii) governmental
investigations; (xiv) litigation; (xv) changes in tax
laws; (xvi) ability to collect amounts owed;
(xvii) catastrophic events, such as earthquakes, hurricanes
and epidemics/pandemics; (xviii) the possible impact of
international conflicts and other developments including terrorist
acts and cyberterrorism; (xix) the introduction, withdrawal,
success and timing of business initiatives and strategies;
(xx) the failure of effective disclosure controls and
procedures and internal controls over financial reporting and
other risks; (xxi) health, safety and environmental risks;
(xxii) the maintenance of adequate insurance coverage;
(xxiii) the existence of information barriers between certain
businesses within our asset management operations; (xxiv) risks
specific to our business segments including real estate, renewable
power and transition, infrastructure, private equity, and credit;
and (xxv) factors detailed from time to time in our documents
filed with the securities regulators in Canada and the United
States.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive and other
factors could also adversely affect future results. Readers are
urged to consider these risks, as well as other uncertainties,
factors and assumptions carefully in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements, which are based only on information
available to us as of the date of this news release. Except as
required by law, Brookfield Corporation undertakes no obligation to
publicly update or revise any forward-looking statements, whether
written or oral, that may be as a result of new information, future
events or otherwise.
Past performance is not indicative nor a
guarantee of future results. There can be no assurance that
comparable results will be achieved in the future, that future
investments will be similar to historic investments discussed
herein, that targeted returns, growth objectives, diversification
or asset allocations will be met or that an investment strategy
or investment objectives will be achieved (because of economic
conditions, the availability of appropriate opportunities or
otherwise).
Target returns and growth objectives set forth
in this news release are for illustrative and informational
purposes only and have been presented based on various assumptions
made by Brookfield Corporation in relation to the investment
strategies being pursued, any of which may prove to be incorrect.
There can be no assurance that targeted returns or growth
objectives will be achieved. Due to various risks, uncertainties
and changes (including changes in economic, operational, political
or other circumstances) beyond Brookfield Corporation’s control,
the actual performance of the business could differ materially from
the target returns and growth objectives set forth herein. In
addition, industry experts may disagree with the assumptions used
in presenting the target returns and growth objectives. No
assurance, representation or warranty is made by any person that
the target returns or growth objectives will be achieved, and undue
reliance should not be put on them. Prior performance is not
indicative of future results and there can be no guarantee that
Brookfield Corporation will achieve the target returns or growth
objectives or be able to avoid losses.
Certain of the information contained herein is
based on or derived from information provided by independent
third-party sources. While Brookfield Corporation believes that
such information is accurate as of the date it was produced and
that the sources from which such information has been obtained are
reliable, Brookfield Corporation makes no representation or
warranty, express or implied, with respect to the accuracy,
reasonableness or completeness of any of the information or the
assumptions on which such information is based, contained herein,
including but not limited to, information obtained from third
parties.
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